All Forum Posts by: David Griffey

What do you all think about doing a wholesale on the deal?

Ellis, what the price have to be for you to bite?

I posted earlier about finding structure issues on a house I am trying to purchase. I will need to have a structural engineer out to make sure, but really did not see any cracks in the foundation just a few cracks in the brick and the fireplace had a gap on one side. Here is the post with the pics http://www.biggerpockets.com/forums/88/topics/100528-need-help-with-foundation-on-a-deal.

The deal is $30,000 for the property the owner won't budge and has other people interested. Repair cost without doing any foundation work might be around $45,000. This number has about $10,000 for things I did not have solid pricing on. The ARV I am thinking would be no lower than $110,000, but will say it is $100,000 if I need to sell it quick. Can someone tell me what they would do in this case? I have a lot more pictures if needed. This will be my first deal on investment property.

I am looking at my first property that was flooded in the basement along with leaks everywhere there is plumbing. I had already planned to remove all the drywall and repair as part of the rehab. Also, while everything is off I plan on setting up mold foggers and clean the rest.

I have been doing some reading about the mold and the EPA website, but I do not see anything about regulations on mold that make you test for it. I see a lot of people talking about testing for mold in the air, but they do not require it in homes or when you are selling a home. If I buy this rehab and flip it, is thee a law that states it has to be tested? I did see new regulations on business performing the clean up, but it was for safety of employees and so home owners did not get ripped off. Somebody point me in the right direction if I am off on this topic.

You left the straps on the chimney when you was complete? Was your chimney as bad as this one? It is only on the side of the pic.

What about fixing a fireplace that looks like it has separated. Have you been involved in anything like that?

Dell, have you bought houses that you were told or you knew that there was foundation issues and how idd it work out for you? Trying to get a feel for this since this is my first flip or wholesale. Everything else I think I can handle, this I am not sure of. The inspector told me the cost per pier was about $1500. I have been digging but have not really seen a cost for our area. Thanks for the reply.

Need help with a house that the inspector says that I need a foundation engineer to look at. This will cost me another $400 to do. This house is a bi-level and is about 1100 sq ft upstairs and has a finished basement with a two car garage. The downstairs flooded so it has mold, but I planned on ripping most of it out if I kept it. I had already figured about $35000 to $40000 to fix up and my guess at min it would sell for $100,000. They are asking $30000. I know nothing about foundations but I really don't see any cracks in the poured foundation. The inspector said it should be dozed. I need some help on what everyone thinks. This will be my first deal. I have not called the owner to tell them yet. I think it being dozed is an extreme comment, but that is why I am asking for advice. Any help will be greatly appreciated. It also has termites and was built in 1970.

Thanks Jackie for the response. I think I am going to wholesale it if I can, but will still make the plan to fix it up if I can't come up with any buyers.

David thanks for your response. The property is in the Northern KY area and will be under contract tomorrow if everything works out. I have a job that sometimes gets in my way. Do you know someone that might be interested in buying properties. I see your from Cincy.

I have a property almost under contract. The place is trashed needs some roof repairs and everything updated along with some concrete work. This is my first house. The owner wants $30,000 I figured it would cost about $42000 to repair. I believe the comps will come back between $129,000 to $100,000. What should I try to do, flip or wholesale? If I wholesale what should I ask for the property? Thanks for the help in advance